TomTom has been struggling with cheaper competitors, cell phones and a saturated consumer market. In addition, it was forced to issue new shares at a depressed level after buying digital mapmaker Tele Atlas for 2.9 billion euros in 2008 — a pyhrric victory in a bidding war with larger rival Garmin of the Cayman Islands.

Amsterdam-based TomTom cut full year earnings per share estimates to 0.30 ($0.43) euros from 0.49 euros, and sales to 1.225 billion euros from 1.425 billion euros after markets closed Monday.